Paignton
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- SIZE
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- SECTOR
Mixed use property for sale
Key features
- Prominent Corner Plot Mixed Use Property Investment For Sale
- Ground Floor Shop Let to New Ability Producing £9,600 Per Annum
- Separate 3-Bedroom Maisonette with Large Patio Balcony (Currently Vacant)
- Potential Market Rent of £21,600+ Per Annum when Fully Let
- Scope To Refurbish and Add Value to the Upper Floor Accommodation
Description
The property is situated on Torquay Road, one of the main routes connecting Paignton and Torquay. The building occupies a prominent end of terrace corner position, providing good visibility to passing traffic heading towards Paignton. The surrounding area is mixed in character, with nearby commercial occupiers, residential property and local amenities. Torquay Road is a well-established trading location, benefitting from regular traffic flow between Paignton town centre, Preston and Torquay. The property is well placed for access to local bus routes, surrounding residential catchment areas and the wider Torbay market. The location should appeal to investors, owner occupiers seeking a home and income opportunity, or buyers looking for a mixed-use property with future asset management potential. The property comprises a freehold mixed-use building arranged as a ground floor retail shop with separate residential accommodation over the upper floors. The ground floor shop is let to New Ability (Torbay) Limited, while the upper floors comprise a self-contained three-bedroom flat with a large patio balcony area. The flat is vacant and would benefit from some refurbishment. The property would be suitable either as a home and income opportunity, with an owner occupying the flat and retaining the commercial rent, or as an investment with both elements let. The flat and shop are separately metered for utilities and the flat benefits from gas central heating.
ACCOMMODATION
The accommodation briefly comprises:-
GROUND FLOOR RETAIL UNIT
Frontage: 6.59m.
Width at Rear: 12.31m.
Depth: 13.69m.
Gross Area Circa. 129m² (1,388 sq ft).
FIRST FLOOR FLAT
Accessed via the rear of the property with an external metal staircase leading to the first floor.
ENTRANCE PORCH
6' 9" x 4' 7" (2.05m x 1.41m)
KITCHEN
10' 5" x 8' 0" (3.17m x 2.45m)
HALL AREA
6' 7" x 5' 10" (2.00m x 1.78m)
Access to the patio balcony. Potential to be converted into a utility room.
BATHROOM
6' 8" x 7' 1" (2.03m x 2.16m)
WC
BEDROOM
11' 4" x 12' 4" (3.45m x 3.76m)
LOUNGE
18' 7" x 12' 2" (5.67m x 3.70m)
SECOND FLOOR
BEDROOM
13' 10" x 11' 10" (4.21m x 3.61m)
SHOWER ROOM
6' 7" x 5' 5" (2.00m x 1.65m)
BEDROOM
15' 5" x 12' 2" (4.70m x 3.71m)
LOFT ACCESS AND STORAGE
EXTERNAL
To the rear of the property is a selection of storage sheds and a garage + parking space. These have been allocated to the commercial tenant in their lease agreement.
TENURE
The property is offered for sale freehold, subject to the occupational lease of the ground floor shop. The ground floor shop is let to New Ability (Torbay) Limited on a lease for a contractual term of seven years.
The annual rent is £9,600 per annum, payable monthly in advance. The lease provides for rent reviews to RPI, subject to a minimum uplift of 1% and a maximum uplift of 3% at each review.
The review date is stated as 2029 and every third anniversary thereafter. The lease contains a tenant break option, exercisable on not less than two months' written notice.
The tenant is responsible for rates and taxes, utilities, repair and decoration obligations under the lease, together with insurance rent and service charge provisions.
ASKING PRICE
An asking price of £250,000.
EPC RATINGS
371 Torquay Road – D.
371A Torquay Road – E.
BUSINESS RATES
2026 List: £18,000.
Please note this is not rates payable. Under the terms of the lease, the commercial tenant is liable for business rates payments.
COUNCIL TAX
371A Torquay Road: Band B.
LEGAL COSTS
Each party will be responsible for their own legal costs unless expressly agreed otherwise.
VIEWING
Viewing is highly recommended and can be arranged by prior appointment with the Agents, Bettesworths.
Energy Performance Certificates
Energy Performance CertificateBrochures
Paignton
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Paignton Station1.0 miles
- Torquay Station1.1 miles
- Torre Station1.8 miles
Notes
Disclaimer - Property reference 9076938. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Bettesworths, Devon. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.